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A dashboard-mounted smartphone displays a map of the ‘Mainhattan’ financial district on the Uber Technologies Inc. app as an Uber X driver carries passengers in Frankfurt, Germany. (Photographer: Alex Kraus/Bloomberg)

Five Things You Need to Know to Start Your Day

U.S.-China trade talks circle around pharma, Tesla’s quarter proved to be one of the “top debacles” in 20 years of tech, and Joe Biden throws his hat in the presidential ring. Here are some of this morning’s key stories.

U.S. Mulls China Drug Concessions

The Trump administration may concede to a Chinese proposal that would give less protection for U.S. pharmaceutical products than they receive at home, according to people familiar with the matter, a move that could draw opposition from the American drug industry. Under the Chinese offer being discussed as part of wider trade talks, U.S. pharmaceutical companies would get eight years of regulatory data protection in China for the biologics they develop. That compares with the 10 years of protection they get in the new Nafta, which Congress hasn’t yet approved, and the 12 years they receive in the U.S.

Uber’s $90 Billion Valuation

Uber is looking at a $90 billion valuation as it begins planning to market shares — at $44 to $50 each — in its initial public offering. The ride-hailing company could aim to raise about $8 billion to $10 billion in the listing. It’s expected to set the terms as soon as Friday, people familiar said. At the lower end of the range the price would value Uber just above its last private funding round, in which Toyota Motor Corp. invested at a valuation of about $76 billion. Uber is taking a conservative approach to its valuation and could later raise the price depending on investor demand, the people said.

Stocks Mixed, U.S. Dollar Gains

Asia stocks were set for a muted start to Friday, after mixed messages from U.S. benchmarks. While the tech-heavy Nasdaq reached a record following strong results from Microsoft and Facebook, industrials faltered with the S&P 500 Industrials Sector Index falling 2 percent, the biggest drop since March 22. The dollar extended gains to a four-month high and Treasuries dipped after solid U.S. durable-goods data. Brent crude couldn’t hold a rally past $75 a barrel.

China’s Earnings Showdown Kicks In

The next few days are likely to be a tipping point for the world’s top performing stock market in China. With some of the nation’s largest companies scheduled to report earnings, investors will be looking for evidence that an improving corporate sector will support valuations at a time when the government is paring back stimulus. Doubt is creeping in — the Shanghai benchmark has slumped 4.5 percent this week, set for its worst performance since October. A stronger dollar is the latest headwind, while the memory of a flood of profit warnings in January may be spurring some profit taking before the earnings data.

Tesla’s Quarterly Debacle

Tesla’s latest first quarter was “one of top debacles” ever seen in 20 years of covering tech stocks on the Street, Wedbush analyst Daniel Ives said. He likened the quarter to an episode of the “The Twilight Zone” where Musk & Co. “act as if demand and profitability will magically return to the Tesla story.”

What we’ve been reading:

This is what caught our eye over the last 24 hours.

Expectations — and risks — are high for Joe Biden’s presidential campaign.